Tabcorp Holding to Pay Fine to Settle Money Laundering Case

The Aussie gaming operator and sportsbetting giant, Tabcorp Holdings was faced with money laundering charges. Reports indicate that the Aussie giant is planning to pay a fine to settle this case. This fine is approximately equal $34.6 million. This case was brought by the AusTRAC, which is the financial intelligence agency of the Australian Transaction Reports & Analysis center. In addition to that, reports indicate that Tabcorp is also planning to make a series of admissions that it did not comply with the financing laws and the counter terrorism rules that are set by the Aussie government.

The AusTRAC Civil Suit Against Tabcorp Holding

According to newspaper reports, the AusTRAC has filed a civil suit against the gaming giant back in 2015. This case alleged that the firm that is based in Melbourne did not monitor the behavior of the customer properly, as required by law. This case was brought up on April of 2015. The gaming operator had to face a multibillion dollar amount in fine on each of the suspected infractions that totaled 236. The reports state that Tabcorp Holdings has issued a statement that it admits the violations and that they were not deliberate. The statement also added that the company is pleased that it was able to reach an agreement with the AusTRAC to settle the case. The CEO of Tabcorp, David Attenborough stated that they will always be working continuously and cooperatively along with the AusTRAC.

Tabcorp To Enhance its Monitoring Programs

After admitting guilt, Tabcorp has also stated that it has enhanced its counter terrorism funding and anti money laundering efforts. It achieved that by using a brand new monitoring program that it described as a great improvement to the previously used program. The statement also added that the company is pooling significant investments in order to improve the monitoring system for its customer transaction processes. The company achieves that through the employment of a CRO, who will establish a crimes taskforce and would expand the teams that deal with anti money laundering as well as counter terrorism financing.

Other Related News Regarding Tabcorp

Apart from the fine, it seems that Tabcorp is going to face new competitions in its effort to buy its rivaling gaming operator and sportsbetting company, Tatts Group. This is because there is news that state that a consortium that has KKR, which is a multinational equity group, and Macquarie Group Limited will make a 2nd offer for Tatts group.

This Pacific consortium failed to buy the Brisbane based Tatts Company back in December with a $5.3 billion offer. It has added the fire power of the offshore bookmaking giant to add power to its offer to make a second bid.